24-A §3906. Selection of plan administrator
Title 24-A: MAINE INSURANCE CODE
Chapter 54: MAINE INDIVIDUAL REINSURANCE ASSOCIATION
§3906. Selection of plan administrator
1. Selection of plan administrator. The board shall select an insurer or 3rd-party administrator, through a competitive bidding process, to administer the association.
[ 2007, c. 629, Pt. A, §8 (NEW) .]
2. Contract with plan administrator. The plan administrator selected pursuant to subsection 1 is contracted for a period of 3 years. At least one year prior to the expiration of each 3-year period of service by a plan administrator, the board shall invite all insurers, including the current plan administrator, to submit bids to serve as the plan administrator for the succeeding 3-year period. The selection of the plan administrator for the succeeding period must be made at least 6 months prior to the expiration of the 3-year period.
[ 2007, c. 629, Pt. A, §8 (NEW) .]
3. Duties of plan administrator. The plan administrator selected pursuant to subsection 1 shall:
A. Perform all administrative functions relating to the association; [2007, c. 629, Pt. A, §8 (NEW).]
B. Submit regular reports to the board regarding the operation of the association. The frequency, content and form of the reports must be as determined by the board; [2007, c. 629, Pt. A, §8 (NEW).]
C. Following the close of each calendar year, report to the superintendent the amount of revenue received from the Dirigo Health Enterprise Fund pursuant to section 6915, the expenses of administration pertaining to reinsurance operations of the program and the incurred losses of the year; and [2007, c. 629, Pt. A, §8 (NEW).]
D. Pay reinsurance amounts as provided for in the plan of operation. [2007, c. 629, Pt. A, §8 (NEW).]
[ 2007, c. 629, Pt. A, §8 (NEW) .]
4. Payment to plan administrator. The plan administrator selected pursuant to subsection 1 must be paid, as provided in the contract of the association under subsection 2, for the plan administrator’s direct and indirect expenses incurred in the performance of the plan administrator’s services. As used in this subsection, "direct and indirect expenses" includes that portion of the audited administrative costs, printing expenses, management expenses, building overhead expenses and other actual operating and administrative expenses of the plan administrator that are approved by the board as allocable to the administration of the association and included in the specifications of a bid under subsection 2.
[ 2007, c. 629, Pt. A, §8 (NEW) .]
SECTION HISTORY
2007, c. 629, Pt. A, §8 (NEW).